Results for "fiduciary"

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Busting DOL fiduciary rule myths of industry opponents

January 12, 2018

According to the opponents of a new rule designed to ensure that retirement savers get the best advice possible, the entrepreneurial mindset and innovative spirit that has powered the U.S. economy for decades is a thing of the past. They think...

Brokerages unnerved by parts of SEC advice rule that echo DOL fiduciary rule

July 31, 2018

Language in the Securities and Exchange Commission's investment advice reform proposal that echoes the Labor Department's fiduciary rule is drawing concern from the financial industry. Under the SEC's proposal, brokers would not be allowed to...

CFP Board expands fiduciary duty for financial advisers

March 29, 2018

The Certified Financial Planner Board of Standards Inc. has unanimously approved an expanded fiduciary standard as part of a revamp of the designation's conduct requirements. Under the new rule, all CFPs — including brokers — must act in...

Piwowar: Comments will be critical in shaping SEC advice rule

June 29, 2018

Securities and Exchange Commission member Michael Piwowar said Friday that public comments will be crucial in shaping the agency's reform of investment advice standards. In April, the SEC released a package of proposals designed to raise client-care...

Organizations launch campaign to get investment advisers to comment on SEC advice rule

June 28, 2018

Several organizations that promote a fiduciary standard launched a campaign Thursday to encourage investment advisers to tell the Securities and Exchange Commission how advisers are different from brokers. The goal is to generate comment letters...

DOL fiduciary rule can cause litigation risk from beyond the grave

July 27, 2018

Although the Labor Department's fiduciary rule died in court in June, it can still cause litigation risk for firms that changed their policies to comply with the measure. "As long as institutions leave these policies on the books, you can still...

Fifth Circuit Court of Appeals vacates DOL fiduciary rule

March 15, 2018

The Fifth Circuit Court of Appeals vacated the Labor Department's fiduciary rule in a split decision announced late Thursday afternoon, overturning a Dallas district court that was just as adamant in upholding the measure. By a 2-1 vote, the...

SEC proposal will curb brokers putting clients into products solely for highest revenue, Clayton says

June 13, 2018

Securities and Exchange Commission Chairman Jay Clayton said Wednesday that the agency's proposed investment-advice reforms would curb brokers' ability to recommend products that give them the most revenue. In response to a question from an...

The fiduciary rule for retirement advice faces an uncertain future

June 26, 2017

As his first major policy initiative, Securities and Exchange Commission Chairman Jay Clayton announced on June 1 that he welcomed an invitation by Labor Secretary Alexander Acosta to, among other things, "engage constructively as the Commission...

Advisers encourage investors to take fiduciary into their own hands

June 8, 2018

As regulators struggle to reform investment advice rules, a group of advisers and investor advocates is encouraging clients to seek a higher standard on their own. With the Labor Department's fiduciary rule teetering on the brink of death and...

Socially-conscious investing gets a boost from the DOL fiduciary rule

January 13, 2016

Proponents of sustainable and responsible investing have reason to celebrate. Long-term investing with careful consideration of environmental, social and governance factors is going mainstream. On the regulatory front, updated guidance from...

Advisers urged to resist 'fiduciary fatigue'

June 6, 2018

It's important that financial advisers resist "fiduciary fatigue" and continue to stay engaged in the long-running battle over investment advice reform regulations. "We still have an opportunity to shape the fiduciary landscape," said Robert...

Phyllis Borzi on DOL fiduciary rule: 'We forever changed the terms of the debate'

June 2, 2018

Phyllis Borzi is not mourning the death of the Labor Department's fiduciary rule. Rather, this "mother of the regulation" celebrates how the rule has illuminated the importance of strong investment-advice standards. "My staff did absolutely...

Piwowar defends SEC's best-interest rule

May 24, 2018

Outgoing Securities and Exchange commissioner Michael Piwowar had some tart words for his fellow regulators — and occasionally for the fund industry — at the Investment Company Institute's annual conference in Washington Thursday. Paul Schott...

Clayton: SEC left 'fiduciary' out of new advice rule to avoid investor confusion

May 23, 2018

Securities and Exchange Commission chairman Jay Clayton said the agency's proposal to raise investment-advice standards for brokers doesn't use the term "fiduciary" because it would have confused investors about the distinctions between brokers...

The case for a single fiduciary standard based on the Investment Advisers Act of 1940

June 20, 2017

As the industry continues to wait for more clarity on the ultimate future of the DOL fiduciary rule, there is no shortage of public debate. Although the Labor Department declined to further delay the rule and partial implementation began on...

Clayton defends SEC advice rule amid congressional grilling

June 21, 2018

Securities and Exchange Commission chairman Jay Clayton defended the agency's investment advice reform proposal Thursday on Capitol Hill, in the face of skeptical questioning from Democrats. In a hearing of the House Financial Services Committee,...

After his confirmation as SEC chairman, Jay Clayton is urged to tackle fiduciary standard

May 2, 2017

The Senate on Tuesday evening confirmed Jay Clayton as chairman of the Securities and Exchange Commission, and financial services groups wasted little time in urging him to pursue a uniform fiduciary standard. In a statement following his confirmation,...

Fiduciary advocates disagree SEC advice rule harmonizes standards

May 4, 2018

Securities and Exchange Commission chairman Jay Clayton is marketing the agency's recently released investment advice reform proposal as an effort to harmonize investment adviser and broker standards — an assertion that is drawing sharp disagreement...

5th Circuit denies AARP, states motion to defend DOL fiduciary rule

May 2, 2018

The Fifth Circuit Court of Appeals ruled Wednesday that AARP and three states cannot intervene in a lawsuit against the DOL fiduciary rule. The large interest group representing older Americans as well as the attorneys general of California,...

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